The Nigerian National Petroleum Company Limited has increased the pump price of petrol to N835 per litre in Lagos and N839 per litre in Abuja.
Arise News reported new rates at NNPC retail outlets on Wednesday marked a N50 increase from N785 in Lagos and a N20 rise from N819 in Abuja.
This adjustment follows a recent hike by Dangote Refinery, which raised its ex-gantry price to N799 per litre. The refinery stated that partner outlets, including MRS filling stations, will now sell at N839 per litre.
David Ige, Chief Executive Officer of Dangote Petroleum Refinery, assured that the facility continues to supply about 50 million litres of petrol daily to the domestic market, with nationwide distribution operating smoothly.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority emphasized that market forces, not subsidies, are now driving pricing. NMDPRA Chief Executive Officer Saidu Mohammed stated on Tuesday that sustained competition guarantees adequate supply and promotes affordability.
“Sustained competition, rather than subsidies, will guarantee adequate supply of petrol and gas at affordable prices for Nigerians,” Mohammed said, noting that subsidy removal has improved downstream sector efficiency.
Regulators and refiners cite increased competition and market-driven mechanisms as key factors shaping Nigeria’s fuel market amidst the ongoing price adjustments.
